<![CDATA[This study examines the relationship between information asymmetry, voluntary disclosure, leverage, and the implied cost of equity among Consumer Non-Cyclicals companies listed on the Indonesia Stock Exchange during 2020–2024. Drawing on Agency Theory, Signalling Theory, and Market Microstructure Theory, the study investigates whether these factors are associated with firms’ implied cost of equity within an emerging-market context. Using purposive sampling, a balanced panel of 170 firm-year observations from 34 companies was analyzed using a two-way fixed-effects model with robust standard errors. The results indicate that the explanatory variables are jointly associated with the implied cost of equity, with the model explaining approximately 58.69% of the variation in the dependent variable based on the adjusted R². Partially, information asymmetry, measured by the relative bid-ask spread, exhibits a statistically significant negative association with the implied cost of equity. This finding differs from the conventional expectation that greater information asymmetry is associated with a higher cost of equity and may be related to liquidity conditions, investor composition, or other market microstructure characteristics. However, these mechanisms are not directly tested in the present study. Voluntary disclosure and leverage do not show statistically significant associations with the implied cost of equity. The findings suggest that the relationship between information asymmetry and the implied cost of equity may be context dependent in an emerging equity market. The study contributes empirical evidence from Indonesian Consumer Non-Cyclicals companies while acknowledging limitations related to the sector-specific sample, five-year observation period, and untested explanatory mechanisms.]]>
